- The partnership will leverage Tessa Therapeutics' global operational capabilities and cell therapy platform technologies to target prevalent cancers in China
- The joint venture will be the sole licensee of Tessa Therapeutics' cell therapies for research, development and commercialization in China
Tessa Therapeutics (Tessa), a clinical-stage cell therapy company focused on the development of autologous and allogeneic therapies to treat cancer, announced today that it will establish a joint venture with China-Singapore Guangzhou Knowledge City (CSGKC). The joint venture will be the sole licensee of Tessa's cell therapies for research, clinical development and commercialization in China.
Tessa and CSGKC will invest a combined total of US$120 million in the joint venture - CSGKC will contribute US$80 million and Tessa will provide US$40 million - in two stages. In the first stage, CSGKC will contribute US$40 million for 13 percent stake in the joint venture, while Tessa will contribute US$20 million and its technology license rights for China. Tessa will hold the remaining 87 percent stake in the joint venture.
"China is an important market in our goal to develop innovative cell therapies and make them widely accessible for cancer patients all over the world," said Mr. Andrew Khoo, Tessa Therapeutics CEO and Co-Founder. "The joint venture is an important milestone in Tessa's China strategy and will draw from Tessa's international clinical execution capability and cell therapy platform technologies. I firmly believe that having China as a core part of Tessa's global clinical development strategy will accelerate our cell therapies to market."
The joint venture's immediate strategic priorities will focus on conducting clinical trials in China for Tessa's cell therapies, which target prevalent cancers in the country for patients with hematological malignancies and solid tumors. This will be done by building up robust operational capabilities and adding leading clinical trial sites in China into Tessa's global clinical trial network.
About China-Singapore Guangzhou Knowledge City
China-Singapore Guangzhou Knowledge City (CSGKC) formerly known as the Sino-Singapore Guangzhou Knowledge City (SSGKC) is a greenfield master development by Sino-Singapore Guangzhou Knowledge City Investment and Development Co., Ltd, a joint venture company established by Ascendas-Singbridge and Guangzhou Development District (GDD). Situated approximately 35 km northeast of Guangzhou city centre and 25 km from Guangzhou Baiyun International Airport, it is strategically located in the core area of the Greater Bay Area, a key integrated economic hub which is slated to become the world largest bay economy.
Envisioned as a model and catalyst for Guangdong's economic transformation, the 123 sq km CSGKC is positioned as a unique, vibrant and sustainable city highly attractive to both talents and knowledge-based industries. Since its inception in 2010, CSGKC has achieved significant progress. Following the completion of basic infrastructure works in the 6.27 sqkm Start-Up Area (SUA) and the opening of two new subway lines by end of 2018, accessibility and connectivity in the area have improved significantly. Furthermore, CSGKC has also seen the completion of phase 1 OneHub GKC, an integrated business park development comprising business and commercial space, high-end residential and lifestyle amenities. Plans for the next phase of development has kickstarted with joint exploration for the development of the 2 sqkm Sino-Singapore International Technology Innovation Cooperation Demonstration Area (Demonstration Area) within CSGKC.
The importance of CSGKC continues to grow with the signing of a Framework Agreement between Chinese and Singapore government on 12th November 2018 to elevate the project to a State-Level Bilateral Cooperation Project, making it the first private sector-led project to receive state level elevation.
Building upon its new status as well as leveraging on the growth of the Greater Bay Area, CSGKC is well positioned to become a dynamic, high value urban centre with opportunities for local and international enterprises.
